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Neenah Enterprises filed with the U.S. Bankruptcy Court

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Antisemetic Asshole8   Wednesday, 03/31/10 02:29:55 PM
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Neenah Enterprises filed with the U.S. Bankruptcy Court a Joint Plan of Reorganization and related Disclosure Statement. The Disclosure Statement asserts, “The Plan is based primarily upon a prepetition compromise and Lock-Up Agreement with certain Consenting Holders of (i) approximately 55% of the aggregate outstanding principal amount of the Secured Notes; and (ii) 100% of the aggregate outstanding principal amount of the Subordinated Notes….Pursuant to the Lock-Up Agreement, the Consenting Holders have agreed…to accept and support the confirmation of a plan of reorganization that is materially consistent with the Plan Term Sheet attached as Exhibit A to the Lock-Up Agreement….At its core, the Plan provides that: The Debtors’ obligations under the Prepetition Credit Agreement will be repaid in full in cash; The Secured Notes will be exchanged for (a) 97% of the New Common Stock to be issued by NEI (subject to dilution by the Management Equity Incentive Plan and the New Warrants to be issued pursuant to the Plan) and (b) $50 million in aggregate principal amount of New Secured Notes; The Subordinated Notes will be exchanged for (a) 3% of the New Common Stock (subject to dilution by the Management Equity Incentive Plan and the New Warrants to be issued pursuant to the Plan) and (b) the New Warrants to acquire another 10% of such New Common Stock; The claims of general unsecured creditors will either be reinstated or paid in full in cash; and The claims and interests of NEI’s existing equity holders will be cancelled and extinguished.” The Court scheduled an April 27, 2010 hearing to consider the Disclosure Statement.

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